Good evening everybody. Like to open the town of Jer affordable housing trust meeting for Wednesday, September 10th, 2025. This meeting of the air affordable housing trust will be held in person at the location provided on this notice.
Members of the public are welcome to attend this in-person meeting. Please note that while an option for remote attendance and/or participation via Zoom is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological
problems interrupt the virtual broadcast unless otherwise required by law. Members of the public with particular interest in a specific item on this agenda should make plans for inperson versus virtual attendance accordingly. This meeting will be live on Zoom.
Public may access the proceedings by joining Zoom meeting ID number 8180509-7403 or by calling 9292056099. For additional information about remote participation, please contact Alicia Hersy at a hersy.mma
us 978-772-8220 extension 142 prior to the meeting. Um, first item would be approval of the agenda. >> Any changes or amendments? >> We the agenda.
>> I second. >> All those in favor? >> I will now. Okay. >> Um, who was got
>> it. >> All right. So, um so our first item up or next item up is public information session to review the funding request. Um US tenants association and shocket associates have
requested funding. um the air on the aortical housing trust of $240,000 in support the purchase of Devon's Crest Village Apartments as a low to moderate income housing project from Brady to p from Brady Sullivan the current owner
>> presentation he's got presentation now you want >> we can just do ours very quickly I forgot to tell you about that they should be show. Okay. So, this is just I think most people in this room have already heard what the outline of
this project is. So, next slide. Just do the arrow. That's >> okay. So, it's 114 housing units in Devon's Crest and it'll all be low to moderate income. um 35 units will be 60%
AMI um that's area median income and the other 79 will be 80% AMI and I think everybody is a well aware well well aware of that and then we're looking for the 99year de restriction next divide
and this is just the funding now I think that the presentation that um Mr. um Rick has put together for the project will give you a lot more detail on this. So why don't we move to the next presentation and let
[Music] >> the big one >> not that one afterwards. >> Thank you Alicia. you. >> I'm sorry. That was
>> okay. No problem, >> Alicia. You stole all of my thunder. You cut you cut right to the chase. Something that I'm not exactly known for, right? I I bury the lead and sometimes forget to ask for the order. So, I'm going to start with ask you for
the order. Okay. >> Um and I can do some more deep background. I think that um everyone is is sort of pretty familiar. >> Um you you've been before you a few times. Um you guys have been fantastic in listening to us and hearing us and understand you and supporting and I know
I speak for your friends tending association. Um we're very very grateful um for the time and for the interest. Um we um as part of our um project um we're seeking a total of $570,000
from the town of air and and we had a bunch of conversation with you all as well as the community preservation act committee. Um and um you know I've not been certain as to what that breakdown would look like. Um it's great to hear
that you're thinking 240,000 every contribution will be gratefully accepted. So there's very good use of the money going to um at the margin >> buy down affordability for some number of units make them 60%
units instead of 80% units. Um so you all know the history um you know for decades neighborhood has been a great neighborhood vibrant neighborhood um a neighborhood where folks could afford to live um in recent years um the
acquisition by a um value ad developer um and market forces you like that euphemism >> I'm a marketer you gota get um >> market forces This will put demonstr homes at risk. I mean, rents are um
legitimately marketed rents are more than double what the um original tenants are continuing to pay in their unrenade. It's it's it's real. And and it's, you know, as I've done my my market research
and looked at other comparables, it's you know, I I think and and Mr. Brady tells me that, you know, he's not raising the rents on new tenants when their leases come up and he keeps telling me he could. Um, and I don't think he's lying from from what I'm
seeing. Um, Chris tends association was formed to help figure out a way to keep the neighborhood for for the long term. Community came together. Um, two slides down. Uh, please. The community came together. um
uh led by these good folks to mobilize uh next mobilize um citizenry our elected officials across government as you know um represent uh state
senator Eldridge was able to get a $250,000 air mark was pretty significant Cena was very helpful ec see from the very top has taken a deeper interest in this problem. And
these folks really uh than I've ever seen in my 30 some odd year career in this business. I' I've never seen anything like it. And it was Secretary Augustus himself that got
Brady to agree that he self. I had been talking to for over a year and and not getting traction. Um so shocket my company um was the one of um to work with the tenants to find a
way to preserve the housing which is been a formidable challenge. um we had a few sort of uh templates for how we were going to capitalize uh and structure the transaction and for various and sunundry reasons they became impossible. So as we
sit here today as Alicia said we're structuring it as a private equity deal. So, we're bringing private capital the order of $15 million, a uh conventional mortgage on the order of $14 million,
and $10.5 million of state gap funding um to to enable, you know, make it to an investor to put their money in. The investor talking to now is through a conduit the fund is is JP Morgan uh who's willing to take a below market
return on their 15 million largely because they will get CRA credit for CRA credit in these market. What is that CRA >> CRA community development act. >> Okay. So banks any anytime banks want to open branches any business anywhere they
have a little good doobie bad doobie checklist you know and so they need to be investing in the community. >> Is there a tax advantage for them as well? >> No just any tax advantage typical real estate. So you get depreciation but you lose it all when you sell and recapture. So it's
it's it is what it is. um the the the goal always was for the residents to own the property and that's where we started but because of these technical factors it just couldn't happen. So rather than giving up and we've all hung in there uh rather than giving up we came up with
this alternative structure to solve the two things that were most important. First preserving the units and making sure these folks needed to live there and the generations after continue affordable housing. Second, tenant ownership.
So ten of that the the the preservation protection is being accomplished the day we close and um tenant ownership will be accomplished through an option
run to the an option for the tenants to purchase at the end of 10 years from the initial investment. So that's how we're that's that's our sort of very rigid to accomplish our our dual objectives. Um
so um again the the project is entirely funded by um state and private entities. Um I think the state sees this as a model preserving naturally occurring affordable housing through public private partnerships. So, I think it's another reason why they're so interested
in seeing this one succeed. Um, but we're asking for additional funding above and beyond those sources to help make it even more affordable for residents. Also to help secure state funding because, as I've said at other meetings,
the state is always looking for a financial commitment from the municipality, especially when they're writing a $10.5 million check. Um, as I've said many times, we always try to make it just be a nice letter. We support this, but eventually they say,
"Yeah, so put your mouth." Um, so that's that's the world we live in. Um, so as I said, we're seeking a total of 570,000 split between the two. We're also working on the side the real estate tax agreement. See if there's
some way to give us u some sort of tax relief. We've not under underwritten it. We're not counting on it, but we're um having conversations. Um as I said, to unlock state funds, the state strongly suggests the municipality make significant
financial objective. And as I said, oh, next slide, please. Sorry, you're doing this myself. Um T town funding will allow for additional deeper affordability and also send a strong signal of the town's commitment to supporting low-inccome residents. Next slide, please.
Um, okay. So, what does what's what's you know what are the benefits for the town if this project succeeds? Um, first is affordability protection for all 114
families and all 114 units. Um I know that um 80% of area median income uh given that we draw from the Boston uh SMSA is is is is not a small amount
of money but I will tell you that of the quote unquote new tenants um a goodly number of them have incomes below 80% of AMI u and 12 of them believe it or not are below 60%.
>> So, um it's the best deal in the marketplace even at 2200 and 2435 which is what Brady's currently getting. >> Um preservation of the cultural and economic diversity has made a unique compared to neighboring towns and many
of us who's lived in greater Boston understand that. Um and the ability for multiple generations of families to reside together in air. the the the thing that is always the most compelling for me and God bless our friends at DCTA
is while they are working really hard to protect themselves, they absolutely understand that everything they're doing will protect the next generations of folks who otherwise would not have the opportunity
to to to affordable housing. um pride that he has been able to create a template for preserving naturally affordable occurring affordable housing communities. So, we all will get to speak on panels uh at ELC after we're
successful and and and will be the case study. Um which I always think is really cool. Um and and I think we're doing we're doing important work. Um and I think it matters. Um and and that always means
something to me. Um all 114 units will be completely renovated. We're going to uh create six handicap accessories as part of that um and all will count toward their subsidized housing
inventory. Um that's 114 units in the numerator with nothing new in the denominator without putting a stick in the ground.
So, while I know you all love the idea of creating new affordable housing, at least now it'll get you closer to be able to dictate to the developers where it goes as opposed to being,
you know, stuck in your pristine meadows in your beautiful open space. Um, so it gives you the discretion as to how many units and where you want to put them. So, I think that's really important. And I think I've told folks before we did a we
bought a 288 unit project in Franklin, Mass that had was not on the rolls and same thing we got it put on the rolls and I think it took over their 10%. So um it's it's a it's it's you know we
don't really think about that but I think that's really important. Um critically how will the rents be kept affordable? So to me um next slide sorry >> I know okay no problem >> the most important part are the 35
below 60% units all of which will get MRDPS which are the equivalent of section 8 paid for by the state and administered through a local housing authority and
we're talking to the state about who that will be. I'm not sure whether the air housing authority would would like to do that. >> I know there are regional housing authorities. So, um we are in early stages um drafting an R&D contract. And I've asked them to tell me who they
think the administrator is going to be and and they had said, well, air would be sort of the logical choice. Um and she asked me, well, do they want it? And I'm like, I don't know. So, we we love to accommodate whatever is going to be best um for you all. But,
uh as with section 8, what the MRVPs do, it allows folks to pay 30% of their income, whatever that is, for rent and utilities. And what we found
surveying the residents trying to collect as much income data as possible that we could figure out what the impact would be on folks and lots of people are going to get rent decreases even from where they are now. Some people will get increases but it'll be a far cry better
than 2,200 a month plus utilities. >> Um and that's just a handful. Um, we have found and I don't remember, I should have written down the exact numbers, but of the 35, we've got we've got about 42 or 43 families that are
below 60%. Um, 32 of those are living in unrenovated units. The other three unrenovated units are down or vacant and sitting unrenovated for us to renovate.
Uh, something like 10 or 12 out of those 32 um make around 30% of income and then there's another trunch between 30 and 50 um and then a handful between 50 and 60 but
it's skewed to to extremely low income um which is the beauty of section 8 and a margin right um it's the only way that I've ever seen in my affordable housing career to be able to take care of folks
at extremely low incomes. But you know, people say, "Well, just build more, build more, build more." If you make a th000 a month and with section 8, you pay 300 a month. I don't care how many units you build. Supply is not going to grow so much that Mrs. McGillicy on her social security will be able to pay 300
a month. So, and the MRVPs will be project base means not mobile, right? Denise wins the lottery and moves to Cancun.
Her voucher doesn't go with it. Stays with the property forever. Forever is 15-year contract. And I've never seen one not renew. So, everybody is betting, including the
investor, that um those contracts will be renewed forever. Um, so we are protecting 35 families at potentially the lowest possible, keeping them in their homes, renovating their units, giving them
beautiful new units, and hopefully letting them be very, very happy for the long term. Um, as the family's income changes, the rent changes. So if someone falls on some sort of hard time, loses a job, has
other financial difficulties go in, we reertify them and their income fell from 2,000 a month to a,000 a month, you know, their rent, including utilities, gets cut in half. So it's a beautiful thing. And even the families who will
see rents increase, um, as difficult as that will be for some folks, the the silver lining, if there is one, is that they've always got their protection if their circumstances change. I've been in situations where
people are making so much money in a section 8 unit, they don't have any subsidy. They're like, screw it. I don't need the subsidy. And they stop with the subsidy. and then they lose their job and it's like wow wish I had that wish I had that vouchure. So the deep subsidy
will allow these low very low and extremely low-inccome households to remain at or move into debris. That's nice. Um just uh for the numbers the the the the rest of the 79 will be
limited to um 80% of area median income um which again um uh a non-trivial number for a family of four. Certainly um uh I
to the extent that rent growth outpaces changes in income um it'll provide a safety net for people because their rents will always be capped at 30% of 80% of AMI including
utilities. So they do have protection in oh in 10 or 15 years. Who knows where that 80% rent will be relative to the next available apartment um in the market place. Um the affordability restrictions
will be enforced in perpetuity 99 years. That's what we're expecting. Um I've sent graphs of what we think the use agreement will look like. um that's what we're used to seeing and that's what certainly we're going to be you know lobbying for on our side and state you
know generally the developer the owner is lobbying for a shorter period so I don't think the state will have any problem with 90% so why do we need the money why do we want the money how can it help so the
goal is to take a 100% of what we get from you folks and use it to buy down some of the 80% units to 60% units. So the rents on two-bedroom units would
be reduced from 2200 to70 >> and for three-bedroom units from 2435 to 1998. So um you know non-trivial reductions really broadening and deepening affordability. Um but we have
to pay for that because the investor is expecting to collect is 79 80%. That's 200 and 2435. So we need your money to make up that difference right to to to to subsidize
the difference between 2200 and 1770. Right? So for a two-bedroom it's 430 a month. And to estimate the costs to um convert a two-bedroom 80 to a
twobedroom 60 um we took monthly rent* 12 * 30 which is about as close to a perpetuity um as as we can get. Um is it exact? I don't know. We're going to run tighter models, but it it you know, based on
those numbers, it looks like syncing fund. So, $154,800 in the bank today would allow us to commit to um taking a 80% unit,
200, and renting it for 1770. That's just about three just shy of four units. >> Yes. So, it's Yeah. So, it's yeah, just shy of either way. And and I I I
struggle. I intuitively I can't figure out why threebedroom is only 3,000 more. >> Yeah. >> But it's right. And I think it's because of um I think it's because of utility allowances, which is a a sort of
contrived number, but I I I had sleepless nights on that. Um but that's what it looks like. Has this number changed from the last time we spoke with you? >> Yes. >> Okay. That's what I >> Yes. It's been moving around. It's been I've got to tell you, it's I've been
just chasing it like and and I think I I think I've convinced myself and everybody else that these are the right numbers. So, yes, it's it's three or four units. Not and wherever the numbers were, I I was always of the belief that that three or four units was going to be the
number. uh one way or another. It just made intuitive sense to me. Um so that's what the money will go to is to take three or four units and um make them accessible to folks um at 60% of AMI rather than
80% of AMI. Slide, please. Um so we're so grateful for your time and support. Um you guys have really been amazing. I know the tenants are so appreciative. The tenants have been amazing. Um, I'm I'm just so impressed um with the way that they mobilize, how
hard they've all worked and um it's it's you know my mission along with theirs to to make sure that we can get through and get this deal done and and preserve the housing for the long term. Um again the benefits again um which I walked through um I
won't um through the beginning because I'm already over my time which I know that I'm doing the best I can um but but but thank you um and now I go back and sit down and thank you. >> Thank you. Thank you.
>> All right. So questions from >> sounds like I guess it sounds like previously you said that in order to get the $10.5 million from the state it require the town own up to put something in the pile. It seems like they've
already done that. So I mean I think the 570 like is it it's just a buy down more unit. >> It's just about Exactly right. Exactly right two things. Um, it's not it it's not sort of in the the the basic mix when I told you sources
and uses, right? It's it's not in there. It's it's it's incremented to 5,000 units. Um, the state's given us a letter. Um, the state has not explicitly said it's contingent upon getting town support. Um, but I know that the town
support with the financial agreement is on every deal I've ever done. um it's been very important and we we've needed to to get it. So it's financially it helps drive down units but just to to to
ensure the the the state's involvement um it's out there. Um if you ask me what would the state do if we didn't get any money from the town? I honestly don't know. I honestly don't know. >> They pushed it from the very beginning.
They pushed that concept up >> except for the fact that the letter is stating the letters. >> Yes. >> And again, there's nothing in there about it being indigent, >> right? >> But I think it's a sort of
implicit understanding about how things work, >> right? I just want to point out that this investment is going toward units that will be entirely renovated. that this is quality inventory. So, it's not just that we have that guarantee for 99 years, we also have a high quality
inventory that's being supported. And I think that makes a it's an important difference. >> Just clarify the 570 all of that we go towards buying down and that's where the four units come in. >> Yes, sir. >> So, how much you get per unit? It's 150.
Okay, that's that's what was I just want to make sure that was I was understand. >> So the 150 >> Sorry. >> So what you show would be the um yearly interest on that 150. Would the yearly interest on that 150 cover much of the
Great question. So I'm sort of implicitly assuming that um so the the the that spread is going to change every
>> and the extent that everything goes 3%. I'm implicitly assuming that the spread goes up 3% every year and that's paid for by 3% earnings of unequ
>> is that exact? >> Absolutely not. >> It's just kind of back of the envelope. Let's get to a number that we think makes sense >> because you read a number at 75,000 beforehand. And so I'm just
>> I think we screwed up how you calculate utility allowances and that really is what it was. I think it was user error and a whole bunch of us just struggling through. Um, you know, I would also tell you that, you know, if if if it's, you
know, three and a half units and we're $40,000 short on that last unit, um, we would find a way to not have that money sitting forever doing nothing. We would find a way to get that
final. >> Don't you think 3% is a little bit low on investment? Um, you don't know. Um, it's again, it's just sort of typically what we use, right? If I stuck it in a money market account today, I could probably get four,
>> but if I stuck it in a money market account seven or eight years ago, I'd be getting 0.1, >> right? >> Um, so um, and look, hopefully hopefully the the the the income outpaces the the the change in
spread is that that that rounding that that rounding gets paid more through interest >> and and I've got a when when we when we start to do it we will do run more detail you know down to the penny models
um which will be wrong >> because you know again I think that to think in terms of three to four units is is really the best way to look at it. So how do we ensure that it is indeed
you we're giving if we give you 570,000 what it's 240,000 how do we ensure that money isn't just going to go to the private investments we've got to increase their profit great question um and
I don't know exactly how it's going to be favored and we've been talking about that I can tell you with certainty that if you give it to us however It's paper. There is no way that it will be used for anything other than
the intended use. It will be papered. We get that you giving us any money will be contingent upon. You're having built and suspenders that then we and the investors can't run off of a $570,000. Makes me nervous when you're your
private part is like an investment bank. >> You know what I mean? >> 100% and the investor understands >> the investor is thinking about these being separate from the rest of the deal and sitting in a syncing fund somewhere.
It'll be envision it being an escrow to be controlled jointly by >> you know you and us. I I I again I don't know exactly how it's going to be papered. Um we've been thinking about it. haven't been talking about it, but clearly any of this a contingent on it is being tapered. We're 100%
satisfaction and your sole discretion. We get it. This is your money. >> We don't have to worry about how they spend it. We just have to require that the units. >> Yes. For the 99 years at 60%. Then if they screw it up, it's on their fault
problem because we've it's it's in the deed writer. >> So the deed writer will say how what the units are at, >> right? But so but >> true, but you still have to have some
place in our in our vote somehow. >> We have a motion. >> You have someone wish. >> Yeah. Action. Hold on. I just >> Yeah. No, but questions not yet.
But I see your hand. >> Any other questions from the committee? >> I have a technical question. The the utilities expense will be rolled into the rent for the people. Dennis Crest is that understanding the rent covers utilities.
>> So the MRVP Um the MRB a household with an MRB pays 30% of their income or rent plus utilities.
Rent rent and utilities inclusive. So I've been doing some math in my head. So you make 70,000 a year 30% of your income is$,750 a month. If the utility allowance is 500, you'll pay me $1250
and then you'll write a check to the gas company, the electric company, water and sewer 500. So your total housing cost is that that's for the for the 80% units.
There's a max 30 of 80 published. It's like, if you do the math, it's like 2900 for a twobedroom and 3,100 for a threebedroom.
And all I can charge a tenant for rent who's paying their own utilities is that $2,800 number minus the 500. That's the max I can charge. So, that's where it's, you know, that's where it's at.
more critical for the the bucket tax because it's it's you know right now they they're paying 900 or a thousand and then they're writing various sunundry checks to the utility companies or 500. Now I assume that each unit has an
individual furnace or boiler. Okay. It's not centralized. Yeah, I have a couple of deed restriction questions. Just want to make sure I have it clear in my head. So, all 114 units will have deed restrictions on
them to remain affordable. If we buy down four additional units, would the then 39 be deed restricted at 60%. And the remaining would be deeed restricted at 80%. And so even if the
vouchers fall through in 15 years, those 39 units remain derestricted. Correct. >> Yes. Um but extra four units are will be
they're not going to be MRP units. They're going to be what we call self-pay 30 or 60. So whether the vouchers go away or not, >> we call >> they'll still collect the full 80% rent because we're getting 30 or 60 from the
tenant. >> So we call them a subsidized or a not subsidized unit. So it's so they can only charge the rent of a 60% unit. Um whether it's subsidized, if it has a voucher, it has a subsidy with it. If it
doesn't have a doctor, it doesn't have a subsidy with it. So, the person has to pay the 60% rent just as they would in the 80% unit, but it's just at a 60% calculation. >> Okay. And then those additional units
stay they would be add that to 30, right? where the other ones are. I I I think that's what I've been having conversations with the investor about what that
and I think u it's probably the best way is for you to in the motion or whatever you're going to tell us what you would like it to look like and I will take it back because they're my boss.
Well, whenever we do deed restrictions with anyone and we've done deed restrictions with for um Habitat and and other projects, the motion would be that it would be an approved deed restriction from the town
EOL H EO HLC. >> Sorry, L. um and and and the the project association. But so any motion would have a deed restriction
that says that it will be um agreed upon in the future. So it's something that we negotiate. We send it to our lawyers. They send it to EOHLC's lawyers and all that sort of stuff and we work it out. And we've done it multiple times before this. So, but if
we can't work it out and my recommendation would be that the 80% units be for the 99 years and the 60% units would be for the 99 years. So, the investor need needs to understand that these are that's the 99 years for the 80
and the and the and the 60 and whether they have a voucher or not. So, if the vouchers disappear, we still have 60% and we still have 80% units. So the affordability doesn't disappear. >> And that's 100% the expectation. The
investor has bought into >> Yeah. >> 79 units at 80% for 99 years regardless of whether they're vouchers. 35 units at 60%. >> For 99 years, regardless of whether there are vouchers, the the issue will
be on the four, right? uh whether they will be willing to accept a 99-year use restriction if the money is going to run out 30 years. That's >> but if the money runs out, they would
still be they would go back to 80% units. They would still be covered under restriction. And and the other question that you brought up at another meeting was do in in condo associations and things like that, there is usually a
syncing fund for renovations and long-term maintenance and that sort of thing. And we haven't talked about that. We haven't talked about the deed restriction. But um the deed restriction if we can count even
30 years of a deed restriction shows that you're going to get quite a bit out of it for our portion that we put into it. Okay. When we do our rental assistance program, we give people $500 a month and
that turns out to be $6,000 a year per unit to subsidize their unit. So, if you just use that formula, um, and we do 12 units, so that's 72,000 right there per year we spend on subsidizing units at
$500 a month. So, when you look at that, then the money really does work on that. >> It comes in at under. >> Yeah. Was noticing that. >> Yeah. So I'm curious then I hear
that's one of the contingencies then >> what's that >> the affordability restriction is for 99 years those additional units if >> all the affordability restriction is for 99 years not just for the additional units but all the project just as the
deed restrictions for the whole project >> right >> just may not be still at 60 it might end up I don't think you write all that. >> Wait till you see the legal dog. Wait till you see dogs. Right. >> Learning about a motion right now. >> Yes.
>> And and remember the motion is really open-ended because there is this negotiation that happens with the state and it has to happen. But we have done it before and it's not. And so yes, committing the mind almost the same as I'm sure when you got the commitment
from the state. there's all sorts of you do this this this and this and so that would be the same kind of motion that we would be passing you know here's all the hurdles you have to cross so that's that's all
>> any other questions trust >> oh good thank you question [Music] you come on in be on the Zoom thing my voice but Um, so >> yeah, they're not going to be able to
hear you though. >> No, for for the socta contract with shop provides for transparency of the finances and a review and audit process. Correct, Rick.
So um and DCTA in the method to purchase neighborhood if you will um at the end of was it 10 year 10 years um requires a
certain mix of 60% blah blah blah blah some kind of fancy formula that our consultants know what it is. Anyways, this will help make it possible for the tenants to own this forever for not just to be 6080, but for
tenant control, you know, with a appropriately professional property manager and blah blah blah. So, um the it's not just making that possible. So, it's not just getting the years down to 60%, which is a lotable goal. I love it. Um it helps
us get to that process of the Democrat control by tenants. Uh and uh then the last thing I'll say is that because uh to be able to buy it within 10 years, you have this fancy mix that the consultants say we need to have for the financing whatever tax credit something
or other incentive. Um you're we have an incentive to make sure that Rick behaves and spends the money in the way that you all say and that's who spent it. So we'll be having eyeballs on that. >> Thank you so much. Any
questions? >> We don't have to explain it. >> Questions or comments? Are we ready for a motion? >> Ready. >> Yeah. >> Like me. Can I make the motion? You want? >> It's right there. I mean just because I changed the
appearance in the amount of units just to funding. >> Oh yes. >> So I think we should have a discussion about that. >> Yes. I >> So the first part of it is the number of units to be moved from the 80% AMI category to 60% AMI and there's a total
but there's some ambiguity uh three or four. So we have to how do we do that? So that we >> funding is only our funding proposal for tonight is 170,000 only one unit. Oh. >> Uh, so it's suggesting that instead of
saying the number of units >> just say >> moving units >> from 80 to >> I think that a minimum I mean we had originally gone when you're 75 and and everybody was talking about right now we
only have available 170 >> um in our reserve fund. And so we were talking about the possibility of um do requiring two units be moved. Um but
you're saying that at this point the potential of spending four 570 that is not going to get us to six units. It's going to be closer to >> I mean for all said and done. >> Yeah. And I think that motion was written with Yes. when we thought it was
still 75,000 instead of the 150. But but they still have to get through town meeting vote. And I think that we want to be clear that one or two units being moved, not just a vague number. >> Yeah. >> And that's fine too.
>> And which number? So this says uh currently it says move that the uh air affordable housing to author is 170,000. Would we adjust that number then for this motion? Yeah. No, we don't have because they're >> and so I should say for uh an additional two units they put
>> they two additional one to two units >> and when it says for a total of >> I would put 36 to 37 >> 36 to 37 units in the 60% AMI designation >> proceeding I'd like to move that the air
affordable housing trust move to authorize $170,000 from the air affordable housing trust to the Devon crest project subject to the following contingencies. An additional one to two move uh units of the project be moved from the 80% AMI category to the 60% AMI
category for a total of 36 to 37 units in the 60% AMI designation. Two, the affordability restriction is 99 is for 99 years. Three, the deed restriction and housing monitoring and marketing plan must be approved by the air affordable housing trust and the
uh executive office of housing and livable communities. Four, the project must be approved for the state sustainable housing inventory list as an air approved project. And finally, number five, the project receives 35 still the correct number 35 MRVP or
equivalent housing vouchers from the state of Massachusetts. Do those acronyms need spelled out? >> I did both of them. >> Well, I know you did it, but >> that's fine. >> I didn't
spell out. We have all these acronyms. >> As long as it's in the record somewhere. >> It just needs to be spelled out the first time. >> I second that. >> Any further discussion on motion?
>> All those in favor? Hi chair said that. >> Congratulations.